Nomura, JP Morgan both tip a higher USD/yuan (USD/CNH)

<p>Nomura are tipping a still higher US dollar, citing</p><ul><li> the September "Higher for longer" rates viewpointof the Federal Open Market Committee (FOMC)</li><li>and continued equity and bond outflows from China to persist in pressuring the yuan</li></ul><p>Nomura see a higher USD/CNH, and this is likely to spread more widely to feed through to higher USD/Asia.</p><p>—</p><p>JP Morgan are also remaining bearish CNH, pointing to:</p><ul><li>markets remain with concerns over China's prospects for economic growth</li><li>recent data has not been "constructive" – JPM point out that the Caixin Services PMI fell to its lowest since December 2022</li><li>recent property sector developments also worrying</li><li>PBOC stimulus efforts haven't moved the needle much higher for the yuan</li></ul><p>JPM continue to recommend long USD/CNH. </p><p>—</p><p>Updating the offshore yuan:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.